Idaho Payday Loans Law

In accordance with the latest Idaho payday loan regulations adopted in 2014 the, payday loan customers are now able to split their loans into 4 steps instead of making a single repayment. The updated legislation framework actively lobbied by Senator Lee Heider, limits the lending agencies as for collecting extra fees if the contract is prolonged.

Idaho payday loan regulations – core requirements & obligations

To be able to conduct according to Idaho state payday loan laws business in the state of Idaho, a lending enterprise has to comply with the guidelines of federal Regulation Z as well as Credit Code. The lenders are required to use plain language that leaves no space for multiple interpretations. Therefore, an Idaho-registered business has to meet a number of licensing requirements. If the loan is provided with no appropriate permission or documents it is considered to be void and uncollectable.

State payday loan laws forbid the companies to issue more than $1,000 in loans. The structure of the repayment notices must follow the approved rules and practices: thus, the lending agency must provide the notice containing a breakdown of fees per each $100 borrowed. Before the contract is signed, the lending company must reveal the information on the nature of the service offered. Therefore, the regulations require the businesses to make the following aspects clear:

payday loans represent short-term loan solutions

the customer’s contract is subjected to extra fees if the loan plus interest rate were not covered on time

the customer can refuse from a loan offer no later than during the next business day after it was issued

the price of the loan must be indicated in the form of APR; both percentage and money amount

Idaho payday loans laws forbid to accept payments for payday loans in money received within another short-term loan solution, issued by the same lender. Idaho legislation also implies specific cash advance regulations. Thus, the cap for the cash advance loan is set at $1,000, while the repayment period must not exceed 30 days. All the repayments made ahead of the deadline cannot be subjected to penalty fees or somehow affect the total price. Lending agencies are not allowed to accept any forms of collateral to secure the loan. The lending institution is not allowed personal data with 3rd party enterprises not indicated in the contract.

Keeping oath to fair play

As a part of a payday industry, idahoinstantloans.com keeps oath to fair and transparent business functioning. Thus, we do cooperate with the licensed businesses only that are authorized to do business in Idaho and observe state laws. Thus, before signing an agreement with this or that enterprise we make cooperate with law bodies to confirm it is allowed to legally conduct business in Idaho. Frankly speaking, our top priority is to cooperate with the most proven and reliable companies with a successful track record.